THE CONSEQUENCES OF COMPLIANCE INACTION:
In 2021, ABN AMRO was fined € 480m( US $ 561m) for shortcomings in relation to the Anti-Money Laundering and the Counter Terrorism Financing Act, allowing criminal activities to exploit bank accounts over a prolonged period without sufficient action by the bank.
In the same year, NatWest pleaded guilty to similar breaches in the UK, resulting in a £ 264m( US $ 355m) fine.
Goldman Sachs faced a £ 97m( US $ 130m) fine in 2020 for risk management failures linked to the 1MDB scandal, reflecting inadequate risk assessment and failure to address bribery allegations in high-risk transactions.
In 2012, HSBC Bank USA was fined US $ 1.256bn after evidence showed it enabled laundering of at least US $ 881m in drug-related funds and violations of sanctions laws involving countries like Iran and Cuba.
“ It’ s absolutely incredible,” she commented.“ The energy in this room is palpable and to feel the energy that’ s coming from the creativity and technological innovation that we have today is absolutely incredible.”
Starling has launched a new tool, Spending Intelligence, powered by generative AI and voice capabilities.
“ With Spending Intelligence, customers will be able to use Gen AI that’ s powered by Gemini to query their spending using natural language and voice,” Harriet enthused.
58 August 2025